"extending [the Bush tax cuts] for the next 10 years would add about $3.8 trillion to a growing national debt that is already the largest since World War II. About $700 billion of that reflects the projected costs of tax cuts for those in the top 2 percent of income-earners."
700 billion is less than 20% of 3.8 trillion. Over ten years, that's an average of 70 billion, which is a drop in the bucket. According to the CBO, our 2011 deficit is 1.3 trillion. Even if we cut our entire military budget for 2011 (700 billion) we would still owe 500 billion. The fact of the matter is that we probably need to raise taxes for everyone AND cut spending significantly. Maybe not now, but eventually.
...and in response to other sentiments expressed in this thread: I feel that the narrative that people from OWS are lazy, don't want to work, and are looking for handouts from rich people is largely false. It seems to me that two of the main reforms OWS wants is campaign finance reform and the reinstatement of the Glass-Steagal Act. They also want the people who created, and profited from the financial crisis to be held accountable, and they want other regulations put in place to keep it from happening again. Those are really the main goals it seems to me, and none of those goals can be considered someone asking for handouts.
I would also agree to returning to the Clinton rates, and by cutting military spending back to what it was under Clinton it should be no problem providing for the critical needs of our own, and reducing the debt over the next 30 years.Don't really care what the "majority of the US" thinks in regards to taxes and especially that a "majority" of those who aren't wealthy think that its honkey dorey to raise rates on everyone else for more free stuff for themselves. I'm okay once the economy picks up to go back to the Clinton rates....ALL the Clinton rates. I would choose to remain at the current rate rather than go down the ridiculous road of significantly scape goating the "wealthy" to pay for every idiotic entitlement people like you and Thunder seem to want to add to our debt such as free college, free health care, and free elections.
That's the crux of the problem, our representatives are spit on what the main priorities should be for spending. I don't expect it to be resolved until November of next year when the people choose the priorities they think are most important for our country.Matter of opinion as to where the "biggest waste is".
The problem with that from the progressive viewpoint is that SS never added one dime to our debt and has over 2 trillion dollars in surpluses owed to it by the General Fund. That plus raising the FICA cap fixes SS for the long term. And we don't have a Medicare problem. The problem is the most expensive health care system in the world. Moving that problem to the states or individuals does nothing to address the affordability issue for consumers. To address the cost issue we will eventually have to upgrade our health care system to UHC as the rest of the industrialized world has done. Cutting military spending back to levels under Clinton will save us at several hundred billions of dollars a year.I would say that the best place to start would be the portion of our spending that takes up 75% of it...namely Entitlement programs (SS, medicare, SCHIP, etc) and the Military. Reform entitlements and tighten things up in the military to bring spending for both down by 1/3rd.
Last edited by Catawba; 12-13-11 at 01:20 AM.
Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb
Some unions did not support todays protest to shut down the ports on the west coast. Some workers were pissed. The disruption of "their profit machine" turned out to affect the 99% as well. The economy cannot be disrupted without affecting other parts. But I am sure that the occupiers knew that. Please dont tell me that they are stupid that they didnt know that.Why Shut Down the West Coast Ports? | West Coast Port Shut Down Why shut down the West Coast Ports?
The ports play a pivotal role in the flow and growth of capital for the 1% in this country and internationally. For that reason alone it is the ideal place to disrupt their profit machine. The workers on these ports have always understood that; they have consistently staged shutdowns for political reasons, honored community picket lines, and led the labor movement. A general disruption of commerce, in protest of the nationally coordinated attacks on Occupy movements alone is warranted, but additionally, the specifically targeted attacks on workers at these ports by the 1% further necessitate this call to action.